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On the down side, the rating could be lowered if the bank's BCA
were to be downgraded due to further weakening of the Greek franchise,
while on the upside the rating could converge with that of its higher-rated
Cyprus-based parent bank, once the merger is concluded.

Moody's Investors Service has today downgraded the bank financial strength
ratings (BFSRs) as well as the deposit and debt ratings of nine Greek
banks to reflect their weakening stand-alone financial strength
and the anticipated additional pressures stemming from the country's challenged
economic prospects. The banks' deposit and debt ratings remain
on review for possible downgrade and will be concluded at the same time
as Moody's ongoing review of the country's sovereign rating, which
serves as a reference point with which to impute bank rating uplift as
a result of possible systemic support.

The banks affected by today's rating action are: National Bank of
Greece, EFG Eurobank Ergasias SA, Alpha Bank AE, Piraeus
Bank, Emporiki Bank of Greece, Agricultural Bank of Greece,
General Bank of Greece, Marfin Egnatia Bank and Attica Bank.
A detailed list of today's rating actions is provided at the end of this
release.

Moody's says that the acute economic strain facing Greece is materially
impacting the banking sector's financial condition, requiring it
to be further supported. "Increasingly challenging economic prospects
point to low business growth, increased loan quality problems and
continued pressure on margins. Based on the events of the past
few weeks, Moody's expects the Greek banking system to face heightened
challenges, thus necessitating a fundamental repositioning of the
banks' ratings", says Mardig Haladjian, Senior Vice President.

Although additional measures taken to address fiscal imbalances at the
national level are positive for the sovereign's creditworthiness,
they may come at a cost of depressing economic growth over the short to
medium term. Negative growth will in turn give rise to unemployment,
lower consumer disposable income and reduced profitability in the small-
and medium-sized enterprise (SME) and corporate sectors.
Mr. Haladjian added that "Moody's expects the upward trend in non-performing
loans, which began in 2008, to continue in 2010 and 2011.
Taken together, these factors will place significant additional
pressure on the banking sector's already weakened asset quality and profitability."

The banks' funding franchises have also weakened over the past few months.
The erosion of market confidence caused by the country's fiscal problems
has curtailed the banks' access to the interbank and bond markets.
As a result, the banks have had to rely increasingly on the ECB
to manage their liquidity needs -- indeed, ECB funding
now accounts for approximately 15% of Greek commercial banks' total
liabilities. Moody's expects that, over the foreseeable future,
Greek banks are likely to face very difficult conditions in the wholesale
markets and will therefore continue to rely on ECB funding. In
this regard, Moody's takes comfort that the ECB will remain a reliable
source of funding for the banks until market confidence can be restored.
However, access to ECB funding is not unlimited and Moody's will
continue to closely monitor each bank's funding needs and the assets available
to post as collateral for ECB funding.

The banks' BFSRs carry a negative outlook to capture the possibility of
further deterioration in the country's economic conditions, which
would necessitate additional liquidity and solvency support.

The specific rating changes implemented today are as follows:

National Bank of Greece SA, NBG Finance plc, and National
Bank of Greece Funding Limited:

On the down side, the rating could be lowered if the bank's BCA
were to be downgraded due to further weakening of the Greek franchise,
while on the upside the rating could converge with that of its higher-rated
Cyprus-based parent bank, once the merger is concluded.

The ratings of General Bank impute support from its French parent bank,
Societe Generale.

The previous rating actions on National Bank of Greece, EFG Eurobank
Ergasias, Alpha Bank, Piraeus Bank, Agricultural Bank
of Greece and Emporiki Bank of Greece, were implemented on 23 April
2010, when ratings were placed on review for possible downgrade.
The last rating action on Marfin Egnatia Bank SA was on 23 September 2009
when the BFSR was downgraded to D from D+. The last rating
action on Bank of Attica SA was implemented on 24 April 2007 when Moody's
assigned global local currency deposit ratings. The last rating
action on General Bank of Greece SA was implemented on 15 December 2009
when Moody's downgraded the bank's BFSR to D.

The principal methodologies used in rating these issuers are Moody's "Bank
Financial Strength Ratings: Global Methodology", published
in February 2007, and "Incorporation of Joint-Default Analysis
into Moody's Bank Ratings: A Refined Methodology", published
in March 2007, and "Moody's Guidelines for Rating Bank Hybrid Securities
and Subordinated Debt", published in November 2009, which
are available on www.moodys.com in the Rating Methodologies
sub-directory under the Research & Ratings tab. Other
methodologies and factors that may have been considered in the process
of rating these issuers can also be found in the Rating Methodologies
sub-directory on Moody's website.

All of the nine rated banks affected by today' rating actions are headquartered
in Athens, Greece.

National Bank of Greece SA reported total assets of EUR113.4 billion
at the end of December 2009.

EFG Eurobank Ergasias reported total assets of EUR84.3 billion
at the end of December 2009.

Alpha Bank SA reported total assets of EUR69.6 billion at the end
of December 2009.

Piraeus Bank SA reported total assets of EUR54.3 billion at the
end of December 2009.

Agricultural Bank of Greece SA reported total assets of EUR32.8
billion at the end of December 2009.

Emporiki Bank of Greece SA reported total assets of EUR28.4 billion
at the end of December 2009.

Marfin Egnatia Bank SA reported total assets of EUR23.2 billion
at the end of December 2009.

Bank of Attica SA reported total assets of EUR5.6 billion at the
end of December 2009.

General Bank of Greece SA reported total assets of EUR4.8 billion
at the end of December 2009.

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